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1 A PULLOUT WITH MCI (P) 056/03/2017 PPS 1519/09/2012 (022805) MAKE BETTER DECISIONS Visit TheEdgeProperty.com to find properties, research market trends and read the latest news THE WEEK OF MARCH 27, 2017 ISSUE 772 Land Deal Rare redevelopment sites on Balmoral-Ewe Boon Road for sale EP2 Eat, Play, Live Keong Saik s second wave of gentrification EP4&6 Research Making sense of recent land bids EP10 Gains & Losses Unit at Astrid Meadows sees $2.5 mil profit EP14 Mortgagee sales rising As the slowing economy continues to take its toll, more property owners are facing difficulty meeting mortgage payments. See our Cover Story on Pages 8 and 9. SAMUEL ISAAC CHUA/THE EDGE SINGAPORE

2 EP2 THEEDGE SINGAPORE MARCH 27, 2017 PROPERTY BRIEFS EDITORIAL EDITOR Ben Paul THE EDGE PROPERTY SECTION EDITOR Cecilia Chow HEAD OF RESEARCH Feily Sofi an DEPUTY SECTION EDITOR Michael Lim SENIOR ANALYST Lin Zhiqin ANALYST Tan Chee Yuen Rare redevelopment sites on Balmoral-Ewe Boon Road for sale COPY-EDITING DESK Elaine Lim, Evelyn Tung, Chew Ru Ju, Tan Gim Ean, Geraldine Tan PHOTO EDITOR Samuel Isaac Chua PHOTOGRAPHER Albert Chua EDITORIAL COORDINATOR Rahayu Mohamad DESIGN DESK Tan Siew Ching, Christine Ong, Monica Lim, Mohd Yusry, Tun Mohd Zafi an Mohd Za abah ADVERTISING + MARKETING ADVERTISING SALES DIRECTOR, ADVERTISING & SALES Cowie Tan ASSOCIATE ACCOUNT DIRECTOR Diana Lim ACCOUNT MANAGERS Priscilla Wong, James Chua THE EDGE SINGAPORE ADVERTISING + MARKETING ADVERTISING SALES CHIEF MARKETING OFFICER Cecilia Kay ASSOCIATE ACCOUNT DIRECTOR Windy Tan ACCOUNT MANAGER Elaine Tan EVENTS SENIOR MANAGER Sivam Kumar MARKETING EXECUTIVE Tim Jacobs COORDINATOR Syazana Jumari CIRCULATION BUSINESS DEVELOPMENT DIRECTOR Victor The EXECUTIVES Malliga Muthusamy, Ashikin Kader, Winnie Lim BY CECILIA CHOW Two adjoining, prime freehold residential redevelopment sites owned by two Singaporean families have been put on the market. One is a rectangular plot fronting Balmoral Road; the other is located on Ewe Boon Road. The two sites have a combined land area of 57,349 sq ft and are zoned residential, with a gross plot ratio of 1.6 and a maximum building height of 12 storeys under the 2014 URA Master Plan. An estimated total development charge of $31.5 million is payable to redevelop the combined land parcel, which can yield 121 residential units, assuming an average size of 750 sq ft. The bigger plot is the one on Balmoral Road, which can be developed into an 82-unit condominium; the Ewe Boon Road site can be developed into a 39-unit apartment block if sold separately. However, Swee Shou Fern, Edmund Tie & Co (ET&Co) senior director of investment advisory services, thinks developers are likely to The freehold land parcel on Ewe Boon Road can be redeveloped into a 39-unit condominium bid for both sites because when combined, they can be developed into a bigger project with more facilities. ET&Co is marketing both sites. As the two sites are being sold in separate tenders, the asking price for the Balmoral site is $88 million, and that of the Ewe Boon Road site is $41 million. The total purchase price of $160.5 million, including development charge, translates into about $1,750 psf per plot ratio. The tender is expected to attract a lot of developer interest as the last site sold on Balmoral Road was the former Balmoral Condominium in It was purchased by a consortium made up of Tiong Eng Group, Clarus Corpo (controlled by the Ng family of Pan United Corp) and Yuan Ching Development, a wholly-owned subsidiary of Tiong Seng Holdings that paid $141 million for the site. ET&CO The former Balmoral Condominium has since been redeveloped into the 72-unit Goodwood Grand, which is scheduled for completion by 2Q2017. Spanning 12 storeys, it contains 65 condo units and eight strata bungalows. Goodwood Grand is 44% sold. Units were sold last year at prices ranging from $1.89 million ($2,442 psf) for a 775 sq ft unit on the ninth floor to $2.8 million ($2,282 psf) for a 1,227 sq ft unit on the third floor. Located adjacent to Goodwood Grand is the 85-unit freehold condo Volari, which was completed in Volari is a redevelopment of the former Garden Hotel. According to Swee, the two sites on Balmoral Road and Ewe Boon Road are regular and rectangular-shaped. It s rare to find two such redevelopment plots in the Balmoral-Ewe Boon Road area, she says. Interested parties include locally listed companies and construction groups as well as Chinese developers that do not yet have a stake in the prime residential neighbourhood, adds Swee. The tender for the two sites will close on April 20. E CORPORATE CHIEF EXECUTIVE OFFICER Ben Paul DIRECTOR Anne Tong PUBLISHER The Edge Publishing Pte Ltd 150 Cecil Street #08-01 Singapore Tel: (65) Fax: (65) ROCKET INVESTMENTS CBRE MAPLETREE INVESTMENTS PRINTER KHL Printing Co Pte Ltd 57 Loyang Drive Singapore Tel: (65) Fax: (65) We welcome your comments and criticism: bizedge.com Pseudonyms are allowed but please state your full name, address and contact number for us to verify. The Atlas to be showcased in Singapore UK property developer Rocket Investments is releasing The Atlas Building (above, left) in Singapore over the weekend of March 25 and 26. The project is a mixed-use development in Tech City, Shoreditch, London, and comprises a 40-storey residential tower and a 10-storey office block. A major occupier in the office block is co-working operator WeWork. There are also retail and F&B outlets fronting a public piazza. Designed by the award-winning MAKE Architects, the 152m-high residential building is located close to Old Street roundabout. It will be the tallest structure in Tech City when completed in It is also close to London s financial district, the Square Mile. The Atlas Building contains a total of 302 apartments, with a mix of studio and one- to three-bedroom apartments. Prices start from 797,000 ($1.38 million). The property is marketed by Colliers International and will be showcased at Regent Hotel Singapore. KSH clinches $145.7 mil contract from NUS KSH Holdings Ltd announced on March 20 that it had clinched a $145.7 million contract from the National University of Singapore. KSH will construct a 16-storey research building with a basement. Construction is scheduled to start on April 1 and targeted for completion within 24 months. The project will lift KSH s order book to more than $360 million. Freehold ground-floor shop at Sim Lim Tower going for $16.2 mil A freehold, ground-floor shop unit at Sim Lim Tower (above, centre) has been put up for sale by public tender. The indicative price for the 4,908 sq ft unit is $16.19 million, or $3,300 psf. The ground-floor unit is currently tenanted and comes with approval for F&B use, which is very rare, especially in a prime freehold development in the city-fringe area. Sim Lim Tower is near the Rochor MRT station and the upcoming Jalan Besar MRT station on the Downtown Line. The property is marketed by CBRE, and the tender closes on April 18. ECO WORLD Mapletree raises US$535 mil for student dorm private trust Mapletree Investments has closed the Mapletree Global Student Accommodation Private Trust (MGSA P-Trust), the first trust in Singapore that focuses on student accommodation assets. The trust holds about US$1.3 billion ($1.8 million) in student accommodation assets in the UK and the US. About 195 million ($339.7 million) of equity was raised for the 5,910-bed UK portfolio and US$291 million for the 8,363-bed US portfolio. The UK portfolio includes Hawley Crescent (above, right), which is close to top universities such as Imperial College London, University College London, King s College and Goldsmiths, University of London. Major investors include The Great Eastern Life Assurance Co Ltd, DBS Bank and UBS AG, which are investing in the trust on behalf of their high-net-worth clients. Eco World to provide accommodation for University of Reading Malaysia Eco World Development Group Bhd has inked a memorandum of understanding with the University of Reading Malaysia to provide student accommodation at Eco Nest Service apartments. Located in the heart of Iskandar Puteri, Eco Nest is a serviced apartment project in the 270-acre Eco Botanic township. Eco Nest is also surrounded by shop offices in Eco Boulevard and Eco Galleria, an integrated commercial development. Units at Eco Nest start from 582 sq ft, with a starting price of RM550,000 ($174,603). There are also 1,238 sq ft duplex units that start from RM1.069 million. Compiled by Tan Chee Yuen E

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4 EP4 THEEDGE SINGAPORE MARCH 27, 2017 EAT, PLAY, LIVE PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE The Keong Saik Road area was once a prominent red-light district peppered with brothels from the 1960s up to the 1980s Keong Saik Road s second wave of gentrification Tong Ah restaurant is popular among office workers and residents for their kaya toast and coffee BY MICHAEL LIM In early March, Chinatown Hotel on Teck Lim Road was put up for sale. The 42-room boutique hotel is located off Keong Saik Road in the Chinatown-Bukit Pasoh area. The owners have been operating the hotel for the past 25 years. They felt it was time to let go of the property and focus on their other businesses, says Shaun Poh, Cushman & Wakefield execu tive director of capital markets, who is handling the sale by expression of interest. The indicative price for Chinatown Hotel is $40 million, or about $952,000 a room, and the expression of interest will close on March 28. Interest in the property has been strong, notes Poh, as it is rare for three adjoining freehold conservation shophouses with approval for use as a hotel to be put on the market for sale. The new owner has the option to continue running the property as a hotel, which is the highest and best use, according to Poh. Alternatively, the new owner can convert the upper floors of the 3½-storey shophouses into offices and turn the ground floor units into F&B use. Just around the corner, on Keong Saik Road, is the iconic, triangular pre-war shophouse headlined by Potato Head Folk, featuring inter national cuisine in a three- storey conservation building with a rooftop garden. Foodies haunt Adjacent to it is a three-storey shophouse that has been put on the market for sale. The first level of the shophouse is currently tenanted to a Jin Fu Cheng Bak Kwa seller, who will be vacating the unit in July. The upper floors have been leased to Potato Head Folk to be used as its office. The freehold pre-war shophouse has a built-up area of 2,800 sq ft and sits on a land area of 1,067 sq ft. The asking price is $9.8 million ($3,000 psf). Knight Frank and Cushman & Wakefield are jointly marketing the property. The shophouse will be sold with vacant possession. It has been in the possession of the Neo family for more than a decade now, and the two brothers who are holding the asset have decided to sell it. They intend to redeploy the cash for other investments or business ventures, says Cushman & Wakefield s Poh. There are few places in the CBD fringe that offer this unique charm of having offices, boutique hotels, hip restaurants and cafes, local coffee shops, as well as an Indian and a Chinese temple, says Mary Sai, Knight Frank executive director of investment and capital markets. As the revitalisation of Keong Saik Road progresses, it could be the next Tiong Bahru or Holland Village with its eclectic mix of F&B, work and hospitality offerings all in one place. Keong Saik Road is now a popular foodies haunt. Besides Potato Head Folk, there are other eateries such as Man Man Japanese Unagi Restaurant, Bread & Hearth artisan bakery and coffee shop, Esquina Spanish tapas bar, and Burnt Ends, featuring modern Australian barbecue. Traditional eateries include local coffee shop Tong Ah Eating House featuring kaya toast and coffee, Yanti Nasi Padang and Foong Kee Coffeeshop, which specialises in roast chicken, duck and served with rice and noodles. In the morning, you can see office workers and residents queueing up at Tong Ah for their toast and coffee, as well as at Bread & Hearth for freshly baked breads and buns, says Cushman s Poh. A queue outside Man Man Japanese Restaurant, which specialises in unagi (eel) dishes Office workers flock to Foong Kee Coffee Shop, which serves roast chicken, duck and pork with rice and noodles First wave of gentrification But things had not always been this way. For much of the 1960s to the 1990s, Keong Saik CONTINUES ON PAGE EP6

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6 EP6 THEEDGE SINGAPORE MARCH 27, 2017 EAT, PLAY, LIVE First wave sparked by opening of Hotel 1929 in 2003 FROM PAGE EP4 was known as the red-light district of Chinatown before undergoing a series of gentrification. Bounded by Neil Road, Kreta Ayer Road and Bukit Pasoh Road, Keong Saik Road was once a forgotten part of Chinatown, says Knight Frank s Sai. What really sparked a rejuvenation 14 years ago was the opening of the 32-room Hotel 1929, reckons Poh, who happened to have a hand in how the boutique hotel came to be. In 2002, when he was the auctioneer at DTZ (now Edmund Tie & Co), he sold a row of five shophouses on Keong Saik Road in a mortgagee sale. The property was snapped up for $3.4 million by former lawyer Loh Lik Peng. Hotel 1929 was the flagship property of Loh, now a successful hotelier-restaurateur operating under his own company, Unlisted Collection. Today, his portfolio of hotels includes the New Majestic at Bukit Pasoh and Wanderlust in Little India, both here; Town Hall and 196 Bishopsgate in London; as well as The Waterhouse at South Bund, Shanghai. Loh opened Hotel 1929 in February 2003 after spending close to $2 million sprucing up the shophouses. He also tied up with executive chef Sebastian Ng to start Restaurant Ember at the hotel. That was when people [began to take] notice of the Keong Saik area, notes Poh. In a way, Loh kick-started the gentrification of Keong Saik Road. The success of Hotel 1929 led to the rejuvenation of The Royal Peacock Hotel. The 79- room hotel across the road opened in 1995, and was then owned by Grace International, headed by Geeson Lawadinata, the scion of an Indonesian family trading business. Grace International also owns The Scarlet, an 84- room boutique hotel on Erskine Road, off Ann Siang Hill. The Royal Peacock Hotel was rebranded The SAFF in 2010 and subsequently sold to Naumi Hotels for $42 million, or about $532,000 a room in September Naumi Hotels is owned by the Jhunjhnuwala family, who also own the Naumi Hotel on Seah Street. In 2011, a new boutique hotel, Park 22, opened right next door to Chinatown Hotel on Teck Lim Road. The 56-room Park 22 sits on three adjacent shophouses and is owned and operated by White Oak Investments, a Singapore-based hospitality management and investment firm. Second wave of gentrification In September 2013, Loh sold Hotel 1929 for $35 million. However, under a leaseback arrangement, he continues to operate the hotel and its in-house Restaurant Ember. He recent- Naumi Loria was acquired by Naumi Hotels for $42 million, or about $532,000 a room, from Grace International. It was formerly The SAFF and, before that, Royal Peacock Hotel. A three-storey shophouse on Keong Saik Road with a built-up area of 2,800 sq ft on a land area of 1,067 sq ft is up for sale at $9.8 million ($3,000 psf) ly brought in new executive chef Alex Phan, a nominee for Rising Chef of the Year at the World Gourmet Summit 2016, to helm Ember. The buyer of Hotel 1929 is reportedly Cheong Keng Hooi, a member of the Cheong family who developed International Plaza and owns Singapore-listed Hong Fok Corp. Cheong is also related to luxury property developer Simon Cheong of SC Global Developments. Hotel 1929 opened its doors in February 2003 and was subsequently sold by Loh Lik Peng in September 2013 for $35 million to a company owned by Cheong Keng Hooi CUSHMAN & WAKEFIELD Chinatown Hotel has been put up for sale at an indicative price of $40 million, or about $952,000 a room The $35 million price tag for Hotel 1929 translated to $1.09 million per key and set a new benchmark for hotel transactions. It surpassed the price of the former 49-room Berjaya Hotel (renamed The Duxton) on Duxton Road that was sold for $50 million or $1.02 million per key in May The sale of Hotel 1929 sparked another wave of rejuvenation at Keong Saik Road, The café on the first level of The Working Capitol on Keong Saik Road, operated by Lo & Behold Group notes Poh. And with Chinatown Hotel on the market now, interest has returned to the area. Besides Loh, another entrepreneur instrumental in the remaking of Keong Saik is Ben Gattie of The Bamboo Group and The Working Capitol, which he co-founded with his sister, Saranta. Gattie bought the former AIA Building on 1 Keong Saik Road and converted the row of five shophouses into co-working space The Working Capitol, with a café on the first level jointly owned and managed by Lo & Behold Group. The Working Capitol on Keong Saik opened in April 2015 and is running at full capacity with about 350 members working out of its premises. Owing to demand, Gattie had to expand to the second floor of the conservation shophouse across the road, above the coffee shop. One of his tenants at Keong Saik Road is Rutgers Business School Asia Pacific, which runs an executive MBA programme there. Gattie also introduced new F&B concepts to Keong Saik by bringing in tenants such as Man Man Japa nese Unagi Restaurant, Neon Pigeon Izakaya and Potato Head Folk. In a lot of cases, it was about bringing in first-ofits-kind F&B operators, Gattie says. Keong Saik is not a traditional office location. But we thought it was ready for this [The Working Capitol], and we just loved the property. We already had some projects down the road and we re part of the social fabric here. E

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8 EP8 THEEDGE SINGAPORE MARCH 27, 2017 COVER STORY Mortgagee sales rising As the slowing economy continues to take its toll, more property owners are facing difficulty meeting mortgage payments PICTURES: SAMUEL ISAAC CHUA/THE EDGE SINGAPORE View of One 15 Marina from The Marina Collection at Sentosa Cove BY CECILIA CHOW A condominium unit at The Marina Collection in Sentosa Cove was to be put up for auction a third time by Edmund Tie & Co (ET&Co) on March 29. However, it was sold prior to the auction, at a price believed to be around $3 million. The unit was a mortgagee sale, and the recent buyer, a foreign investor. The latest transaction translates to a 42.8% discount to the previous owner s purchase price of $5.24 million ($2,800 psf), based on a caveat lodged for the unit in December The 1,873 sq ft unit on the second level has a direct view of the marina and contains three bedrooms and a study. The unit is currently tenanted at a rental rate of about $6,000 a month. Last December, a similar-sized unit on the third level (above the one that just sold) of The Marina Collection fetched $3 million ($1,602 psf) as well. It shows that prices of condos at Sentosa Cove have finally bottomed. These transactions demonstrate that at the current price levels, buyers are finding it attractive to come in, says Joy Tan, head of auction at ET&Co. And we re getting a lot of calls for Sentosa Cove properties. More penthouses as mortgagee sales At ET&Co s upcoming auction on March 29, eight out of 12 properties to be featured are mortgagee sales. Four of them are new listings. One is a duplex penthouse at Volari, a high-end, freehold condo on Balmoral Road. The 85-unit condo was completed in The penthouse at Volari has a total floor area of 3,950 sq ft and comes with a private lift, four bedrooms and a study, as well as private pool and private enclosed space of A duplex penthouse at Volari is on the market for $6.45 million at ET&Co s upcoming auction about 1,453 sq ft. It also has direct views of the colonial Black & White bungalows at Goodwood Hill. The indica tive price of the penthouse is $6.45 million ($1,633 psf), which is almost $1 million below the previous owner s purchase price of $7.33 million ($1,856 psf) in Novem ber It s a one-off deal, and the first mortgagee sale in the development, says Tan. This is a freehold condo in a tranquil environment in prime District 10, and near Orchard Road. Another penthouse making its debut at the auction is a duplex at The Mount Faber. The 141-unit private condo is on Wishart Road, a quiet road at the foot of Mount Faber. Yet, it is within walking distance of the Telok Blangah MRT station and a short drive from the CBD. The freehold, five-storey condo was completed in The Foresta penthouse has a floor area of 1,539 sq ft, including a 183 sq ft roof terrace, and contains three bedrooms as well as a study. A mortgagee sale, the unit has an indicative price of $2.33 million ($1,514 psf), which is on a par with the previous owner s purchase price of $2.31 million in Knight Frank s auction on March 22 also saw the debut of a penthouse at The Beverly on Toh Tuck Road in District 21. The three-bedroom penthouse has a floor area of 2,734 sq ft, which includes the private pool and roof terrace. It was also a mortgagee sale and had an opening price of $2.08 million. As no bids were received, the property was withdrawn. The 118-unit The Beverly is a freehold, five-storey condo completed in More motivated sellers This month alone, half of the 72 properties put up for auction by Colliers International, ET&Co, ERA, JLL and Knight Frank combined are mortgagee sales, with another handful of properties by owners who are considered motivated sellers. One such motivated seller is the owner of a unit at Altez. The 861 sq ft, one-bedroom loft has an indica tive price of $1.67 million ($1,940 psf), which is 16% below the owner s purchase price of $1.99 million ($2,314 psf) in February The unit was put up for auction by ERA on March 24. The 280-unit, 99-year leasehold Altez, located in the heart of Tanjong Pagar in the CBD, obtained its Temporary Occupation Permit in A double-storey penthouse at The Mount Faber is up for sale with an indicative price of $2.3 million at the upcoming ET&Co auction At ERA s auction, a 99-year leasehold unit on the first level of Caribbean at Keppel Bay made its debut as a bank sale or mortgagee sale. The 1,485 sq ft, three-bedroom unit has generated a lot of interest from potential buyers, many of whom are looking for a property for their own use, according to an ERA agent who declined to be named. The indicative price for the pool-facing unit is $1.9 million ($1,279 psf), which is 7.8% below the previous owner s acquisition price of $2.06 million ($1,387 psf) in June ET&Co s Tan foresees the number of mortgagee sales rising this year if the economy continues to slow. Some people thought it would be the shoebox apartments that would see a spike in mortgagee sales, but it is the larger units that continue to surface as mortgagee sales, she says. At Knight Frank s auction on March 22, eleven of the 27 listed for sale were mortgagee sales. One was a three-bedroom apartment at the 102-unit Paterson Suites in prime District 9. The freehold condo, which has two 21-storey towers, was completed in It was also the first mortgagee sale at Paterson Suites. The 1,679 sq ft, three-bedroom unit is on the 12th floor of one of the towers. The pre vious owner paid $4.65 million ($2,769 psf) for the apartment in January At Knight Frank s auction on March 22, the unit had an opening price of $3.75 million and there was a counter offer of $3.6 million. However, the property was withdrawn without a sale. Caught in a bind The pain of Singapore s high unemployment rate and economic slowdown is most visible at property auctions, as mortgagee sales continue to climb. The jobless rate for 2016 hit 2.1%, up from 1.9% in 2015 the highest annual unemployment rate since Some of those who lost their jobs have defaulted on their mortgages, while beleaguered business owners have struggled to hold on to their assets, says Sharon Lee, Knight Frank s head of auction. Other distressed sales could be the result of a divorce, with couples having to sell their assets after the split, she notes. The rise in mortgagee sales is due to a combination of factors. An increasing number of investors are caught in a bind because either

9 THEEDGE SINGAPORE MARCH 27, 2017 EP9 COVER STORY their property has been vacant for a prolonged period or the monthly rents are insufficient to cover the mortgage payments, observes Lee. Many of these buyers entered the market when it was on an upturn between 2011 and 2013, before the total debt servicing ratio (TDSR) loan framework was introduced. It is perhaps in recognition of the increasing hardship wrought by economic uncertainty that the government tweaked some of the property cooling measures on March 10. For instance, it cut the holding period for seller s stamp duty from four to three years, and relaxed the TDSR for mortgage equity withdrawal loans with loan-to-value ratios of 50% or less. Mortgagee sales of strata shops, office units Mortgagee sales are also surfacing in the strata commercial segment. At the upcoming mixed-use scheme, EON Shenton, two adjacent strata office units will be put up for auction by ET&Co on March 29. The two 99-year leasehold office units, each with its own attached toilet, have a combined strata area of 1,109 sq ft. Both are now mortgagee sales and have an indicative price of $2.68 million ($2,417 psf), which is 3% below the original purchase price of $2.77 million ($2,501 psf), according to a caveat lodged in May EON Shenton contains a mix of residential units, strata offices and A Business 1 factory unit at CT Hub 2 was put up for mortgagee sale by Knight Frank shops, and construction is currently underway. It is scheduled for completion in 2H2017. At JLL s auction on March 23, an F&B shop at East Village on Upper Changi Road was put up for sale. The 366 sq ft unit, which is currently vacant, is now a mortgagee sale with an indicative price of $1.55 million ($4,235 psf). When the freehold strata retail complex was launched for sale in April 2012, many of the units, ranging from 108 to 420 sq ft, were snapped up at prices averaging $5,177 psf. At that time, many small investors were diverted from the residential sector, owing to the imposition of the seller s stamp duty (SSD) and additional buyer s stamp duty (ABSD), says a property consultant who declined to be named. Many of them snapped up such small shop units at the launch because they were looking at a quantum play, with absolute prices from $500,000, she says. Two adjacent strata office units at EON Shenton will be put up for auction on March 29 with an indicative price of $2.68 million Meanwhile, at Colliers International s auction on March 30, a 409 sq ft shop unit in the basement of Thomson V Two will be put up for sale. The freehold unit has been transacted twice before. The first time was in June 2007, when the owner snapped it up for $654,000 ($1,599 psf). It changed hands in September 2013 for double the price, or $1.3 million ($3,178 psf). How ever, the property is now a mortgagee sale, with an indication price of $850,000, which is 34.6% below the 2013 purchase price. Thomson V has two mixed-use blocks, both containing residential units on the upper levels, and strata shops on the first and basement levels. Thomson V One was completed in 2008, and Thomson V Two, a year later. Spike in mortgagee sales of strata factory units The slowing economy has taken a toll on small businesses, and this is evident in the rising tide of mortgagee sales and receiver s sales of strata industrial units. At Colliers upcoming auction, eight of the 14 properties are mortgagee sales. Half of these are for ramp-up factory units in new strata industrial developments. Likewise, at Knight Frank s auction, four of the nine industrial units for sale are mortgagee sales. At CT Hub 2 on Lavender Street, a Business 1 (B1) factory unit on the third floor is a mortgagee sale. The 1,873 sq ft unit has a 60-year lease, with effect from CT Hub 1 and 2 is a giant mixed-use scheme with 310 B1 factory units, 41 retail shops and 77 office units. The project was completed in With the economy remaining sluggish, more mortgagee sales are likely to surface, as both individual investors and business owners con tinue to face tough times, says Mok Sze Sze, head of auction at JLL. However, for bargain hunters, there are more opportunities on the market. E

10 EP10 THEEDGE SINGAPORE MARCH 27, 2017 RESEARCH SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Making sense of recent land bids BY FEILY SOFIAN On March 14, the government launched a residential site on Tampines Avenue 10 (Parcel C) for sale by tender. Market watchers have different opinion regarding developers interest for the site, given that it is flanked by The Santorini and The Alps Residences, which still have 217 and 244 unsold units respectively, based on URA caveat records. Still, the site is likely to be highly contested, given developers robust appetite for land recently, as well as stiffer competition from foreign developers. Developers have submitted bullish bids in state tenders since mid Could this be an impetus for a turnaround in property prices? Notably, GuocoLand s top bid of $1,239 psf per plot ratio (ppr) for the Martin Place site in June 2016 was the highest unit land price for a pure residential site sold in the government land sales programme. The break-even price for the site would be $1,800 to $1,900 psf. Just three months after the sale of the Martin Place site, a private housing site on Fernvale Road attracted a top bid of $517 psf ppr from Sing Development and Wee Hur Development. The price was 17% higher than the $443 psf ppr paid in August 2014 for a neighbouring site that is currently being developed into High Park Residences. With the break-even price projected to be $950 to $1,050 psf, the launch price for the new condominium on the site could be over $1,100 psf. Prices at High Park Residences, meanwhile, have averaged $989 psf. Recent land tenders fetched price premiums over nearby sites TENDER LOCATION PRICE TENDER LOCATION/ PRICE CLOSING ($ PSF PPR) CLOSING PROJECT NAME ($ PSF PPR) February 2017 West Coast Vale 592 August 2015 West Coast Vale/ 551 Parc Riviera January 2017 Perumal Road 1,001* March 2015 Sturdee Road/ 787 Sturdee Residences December 2016 Margaret Drive 998 June 2015 Dundee Road/ 871 Queens Peak September 2016 Fernvale Road 517 August 2014 Fernvale Road/ 443 High Park Residences June 2016 Martin Place 1,239 *Residential with commercial at first storey Separately, MCL Land paid $998 psf ppr for a residential site on Margaret Drive in December 2016, 15% higher than the $871 psf ppr fetched for the Queens Peak site and 13% more than the $883 psf ppr paid for the Commonwealth Towers site. Most recently, China Construction paid $592 psf ppr for a private housing site on West Coast Vale, 7% higher than the $551 psf ppr that EL Development paid for its Parc Riviera site next door. In contrast, developers bids were less optimistic in 2015 and 1H2016. The Grandeur Park Residences site, for example, fetched $761 psf ppr in February 2016, lower than the $791 psf ppr paid in October 2012 for The Glades site, located a stone s throw away. Meanwhile, MCC Land paid $483 psf ppr for The Alps Residences site in May 2015, 14% lower than the $562 psf ppr it paid for The Santorini site in July The bullish bids by developers in recent times should not come as a surprise. Nearly 30 private housing sites were launched for sale in 2011, excluding executive condo sites. Many projects built on these sites have been completed and developers would be chasing after new sites to reinvest their capital. Less than 10 private housing sites, however, were launched for sale in Recent land sales paint a rosier picture for the Singapore residential market after more than three years of declining prices. The bullish bids would mean that the average development cost will be elevated and, under normal circumstances, this would translate into higher selling prices for new launches. Any upside in URA, HDB, THE EDGE PROPERTY price is likely to be modest as buyers remain price-sensitive, and the impact on the overall market may be limited as it is just one of the many variables in the equation. The resale market, meanwhile, continues to be mired in a slew of challenges. Amid elevated supply and slower population growth, monthly rents for one-bedroom condo and apartment units fell 7% y-o-y on estimate between 4Q2015 and 4Q2016 across market segments. Rents for two-bedroom units were down 3% y-o-y in the high-end segment and 6% y-o-y in the cityfringe and suburban areas over the same period. The change was computed based on average rents at apartments and condos with at least five contracts in each quarter. Meanwhile, the US Federal Reserve is expected to increase rates three times this year, which would dent mortgage affordability. A new launch may boost prices of resale properties in the vicinity, but the effect may be temporary. The average price at Waterview, a 696-unit condo completed in 2014, fell 8% from $1,027 psf in 2013 to $945 psf in This was despite the launch of Q Bay Residences in 2013 at $1,043 psf and The Santorini in 2014 at $1,123 psf both projects are located within 500m from Waterview. In the Tanah Merah area, the average price at Casa Merah and East Meadows fell 13% and 9% respectively between 2013 and 2016 despite the launch of The Glades in For context, the URA price index for non-landed homes in Outside Central Region fell 9% between 4Q2013 and 4Q2016. E

11 THEEDGE SINGAPORE MARCH 27, 2017 EP11

12 EP12 THEEDGE SINGAPORE MARCH 27, 2017 DONE DEALS Le Nouvel Ardmore unit fetches $4,005 psf BY TAN CHEE YUEN At Le Nouvel Ardmore, Wing Tai Holdings 43-unit ultra-luxury condominium project, a unit was recently sold for $15.17 million ($4,005 psf), according to a caveat lodged on March 14. The 3,789 sq ft, four-bedroom unit is on the 23rd floor of the 33-storey tower designed by renowned French architect and Pritzker Prize winner Jean Nouvel. The last transaction prior to this was in June 2016, when a 5,242 sq ft, four-bedroom unit on the seventh floor was sold to a foreign buyer, believed to be an Indonesian tycoon, for $21 million ($4,006 psf). The most eye-popping transaction at Le Nouvel was the sale of the duplex penthouse of 13,875 sq ft for $51 million. The buyer was said to be Sun Tongyu, a mainland Chinese tycoon who is a Singapore permanent resident and general partner of Venturecraft Group and the Singapore Diamond Investment Exchange, one of the few commodity exchanges in the world for physically settled diamonds. Sun is a founding member of Alibaba and Taobao, an e-commerce marketplace. The penthouse includes a 5,000 sq ft roof terrace. Its $51 million price tag translated to $3,676 psf, based on total floor area. In terms of abso lute price, it is still considered a record-breaking transaction for a condo unit today. Completed in 2014, Le Nouvel Ardmore contains only three- and four-bedroom units from about 3,800 sq ft. Le Nouvel appeals to buyers with deep pockets who are looking for a luxurious and spacious unit in the most prestigious location in the prime district, says Samuel Eyo, managing director of Singapore Christie s International Real Estate. In recent weeks, there has been a handful of transactions elsewhere in the Ardmore Park neighbourhood. Last month, a 2,885 sq ft, four-bedroom unit at the neighbouring Ardmore Park condo changed hands for $8.9 million (3,085 psf). The seller purchased the unit in August 1996 for $5.4 million ($1,876 psf) when the project was launched. Developed by Wheelock Properties and completed in 2001, the 330- unit freehold Ardmore Park Condo is still regarded as the barometer for the luxury residential market. Wheelock s other project in Ardmore Park, the 84-unit Ardmore Three, saw five units sold at prices ranging from $6.06 million ($3,389 psf) to $7.07 million ($3,981 psf) in February. The project, completed in 2015, contains three-bedroom units of about 1,800 sq ft. E The 43-unit Le Nouvel Ardmore (centre) and the neighbouring Nouvel 18 (left) were designed by French architect Jean Nouvel SAMUEL ISAAC CHUA/THE EDGE SINGAPORE LOCALITIES DISTRICTS Singapore by postal district City & Southwest 1 to 8 Orchard/Tanglin/Holland 9 and 10 Newton/Bukit Timah/Clementi 11 and 21 Balestier/MacPherson/Geylang 12 to 14 East Coast 15 and 16 Changi/Pasir Ris 17 and 18 Serangoon/Thomson 19 and 20 West 22 to 24 North 25 to 28 Residential transactions with contracts dated March 7 to 14 LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 1 EMERALD GARDEN Condominium 999 years March 08 1,259 1,938,860-1, Resale MARINA BAY RESIDENCES Condominium 99 years March ,450,000-1, Resale ONE SHENTON Apartment 99 years March ,000-1, Resale District 2 Apartment 99 years March 10 1,012 2,680,000-2, Resale District 3 ALEX RESIDENCES Apartment 99 years March ,652,000-1,785 Uncompleted New Sale ALEX RESIDENCES Apartment 99 years March 07 1,044 1,909,000-1,828 Uncompleted New Sale ALEX RESIDENCES Apartment 99 years March ,571,000-1,737 Uncompleted New Sale ALEX RESIDENCES Apartment 99 years March ,689,500-1,825 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years March ,493,900-1,652 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years March ,537,100-1,700 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years March ,395,200-1,543 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years March ,000-1,832 Uncompleted New Sale COMMONWEALTH TOWERS Condominium 99 years March ,000-1,832 Uncompleted New Sale EMERALD PARK Condominium 99 years March ,050,000-1, Resale HIGHLINE RESIDENCES Condominium 99 years March 08 2,174 4,042,100-1,859 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years March 08 1,109 2,131,800-1,923 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years March 09 1,292 2,288,300-1,772 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years March ,611,800-1,783 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years March ,596,000-1,744 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years March ,626,700-1,843 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years March ,385,900-1,981 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years March ,543,800-1,707 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years March 12 1,292 2,357,100-1,825 Uncompleted New Sale HIGHLINE RESIDENCES Condominium 99 years March 12 1,292 2,198,100-1,702 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years March ,000-1,691 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years March ,000-1,631 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years March ,290,000 1,285,000 1,635 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years March ,298,500-1,608 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years March ,302,420-1,613 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years March ,289,680-1,619 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years March ,309,280-1,644 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years March ,345,000-1,689 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years March ,000-1,639 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years March ,266,000 1,261,000 1,605 Uncompleted New Sale PRINCIPAL GARDEN Condominium 99 years March ,230,000-1,609 Uncompleted New Sale QUEENS Condominium 99 years March 08 1,184 1,430,000-1, Resale QUEENS PEAK Condominium 99 years March ,166,000-1,505 Uncompleted New Sale QUEENS PEAK Condominium 99 years March ,000-1,729 Uncompleted New Sale RIVER PLACE Condominium 99 years March ,000-1, Resale THE ANCHORAGE Condominium Freehold March 08 1,647 1,938,888-1, Resale District 4 CARIBBEAN AT KEPPEL BAY Condominium 99 years March 13 1,335 1,920,000-1, Resale CORALS AT KEPPEL BAY Condominium 99 years March ,470,000-1, New Sale CORALS AT KEPPEL BAY Condominium 99 years March 09 2,659 6,520,000-2, New Sale THE BERTH BY THE COVE Condominium 99 years March 13 1,658 2,200,000-1, Resale THE INTERLACE Condominium 99 years March 14 1,744 1,870,000-1, Resale LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE District 5 BLUE HORIZON Condominium 99 years March 08 1,163 1,190,000-1, Resale CLEMENTIWOODS Condominium 99 years March 08 1,421 1,400, Resale HERITAGE VIEW Condominium 99 years March ,100,000-1, Resale JULUCA Detached Freehold March 07 3,692 2,180, Resale PARC RIVIERA Condominium 99 years March ,000-1,218 Uncompleted New Sale PARC RIVIERA Condominium 99 years March 11 1,184 1,332,000-1,125 Uncompleted New Sale PARC RIVIERA Condominium 99 years March 12 1,184 1,317,000-1,112 Uncompleted New Sale PARC RIVIERA Condominium 99 years March ,175,020-1,187 Uncompleted New Sale PARC RIVIERA Condominium 99 years March ,000-1,218 Uncompleted New Sale PARC RIVIERA Condominium 99 years March ,000-1,364 Uncompleted New Sale PARC RIVIERA Condominium 99 years March 12 1,152 1,438,000-1,249 Uncompleted New Sale PARC RIVIERA* Condominium 99 years March ,540-1,204 Uncompleted New Sale SPRINGWOOD Terrace Freehold March 13 2,250 2,700,000-1, Resale THE CLEMENT CANOPY Apartment 99 years March ,352,000-1,365 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years March ,013,000-1,384 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years March 11 1,346 1,691,000-1,257 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years March ,000-1,430 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years March ,000-1,335 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years March 12 1,346 1,688,000-1,255 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years March ,009,000-1,379 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years March ,357,000-1,370 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years March ,000-1,444 Uncompleted New Sale THE CLEMENT CANOPY Apartment 99 years March ,000-1,360 Uncompleted New Sale THE TRILINQ Condominium 99 years March 07 1,356 1,657,000-1,222 Uncompleted New Sale THE TRILINQ Condominium 99 years March 07 1,356 1,573,000-1,160 Uncompleted New Sale THE TRILINQ Condominium 99 years March 09 1,346 1,554,000-1,155 Uncompleted New Sale THE TRILINQ Condominium 99 years March 10 1,518 1,799,000-1,185 Uncompleted New Sale THE TRILINQ Condominium 99 years March 11 1,356 1,622,000-1,196 Uncompleted New Sale THE TRILINQ Condominium 99 years March 11 1,518 1,842,000-1,214 Uncompleted New Sale District 7 THE BENCOOLEN Apartment 99 years March 10 1,044 1,268,000-1, Resale THE PLAZA Apartment 99 years March ,800-1, Resale District 8 CITY SQUARE RESIDENCES Condominium Freehold March 08 1,216 1,642,000-1, Resale CITY SQUARE RESIDENCES Condominium Freehold March 13 1,216 1,610,000-1, Resale KENTISH COURT Apartment 99 years March 07 1, , Resale SING AVENUE Apartment Freehold March 08 2,928 1,820, Unknown Resale STURDEE RESIDENCES Condominium 99 years March ,381,800-1,459 Uncompleted New Sale STURDEE RESIDENCES Condominium 99 years March ,184,700-1,643 Uncompleted New Sale STURDEE RESIDENCES Condominium 99 years March 12 1,044 1,623,168-1,555 Uncompleted New Sale STURDEE VIEW Apartment Freehold March 07 1,475 1,450, Resale District 9 2 RVG Apartment Freehold March ,500,000-1, Resale BELLE VUE RESIDENCES Condominium Freehold March 07 2,303 4,300,000-1, Resale CAIRNHILL NINE Apartment 99 years March 07 1,055 2,811,000-2, New Sale CAIRNHILL NINE Apartment 99 years March 07 1,033 2,792,000-2, New Sale CAIRNHILL NINE Apartment 99 years March 11 1,033 2,657,000-2, New Sale CAIRNHILL RESIDENCES Apartment Freehold March 08 1,163 2,098,000-1, Resale LEONIE GARDENS Condominium 99 years March 07 2,540 2,770,000-1, Resale LIV ON WILKIE Apartment Freehold March ,000-2,185 Uncompleted New Sale OUE TWIN PEAKS Condominium 99 years March 08 1,399 4,029,200-2, Resale OUE TWIN PEAKS Condominium 99 years March 13 1,399 3,800,000-2, Resale ROBERTSON 100 Apartment Freehold March ,480,000-1, Resale SOPHIA HILLS Condominium 99 years March ,376,000-1,937 Uncompleted New Sale SOPHIA HILLS Condominium 99 years March ,245,000-2,142 Uncompleted New Sale SOPHIA HILLS Condominium 99 years March ,305,000-1,865 Uncompleted New Sale SOPHIA HILLS Condominium 99 years March 12 1,012 1,864,000-1,842 Uncompleted New Sale ST THOMAS SUITES Condominium Freehold March 10 1,819 3,350,000-1, Resale THE CAIRNHILL II Apartment Freehold March ,511,000-2, Resale THE WHARF RESIDENCE Condominium 999 years March 13 1,044 1,958,000-1, Resale TOWNHOUSE APARTMENTS Apartment 99 years March 10 2,228 1,900, Unknown Resale VISIONCREST Apartment Freehold March ,690,000-1, Resale WATERMARK ROBERTSON QUAY Apartment Freehold March 14 1,346 2,020,000-1, Resale District 10 ASTRID MEADOWS Condominium Freehold March 09 2,583 4,280,000-1, Resale BALMORAL GATE Condominium Freehold March 13 1,572 2,300,000-1, Resale BELMOND GREEN Condominium Freehold March 13 1,270 2,023,000-1, Resale D LEEDON Condominium 99 years March 10 2,260 3,165,000-1, Resale GRAMERCY PARK Condominium Freehold March 08 2,562 6,570,704-2, Resale GRAMERCY PARK Condominium Freehold March 13 2,207 5,746,000-2, Resale LE NOUVEL ARDMORE Condominium Freehold March 14 3,789 15,174,945-4, Resale Apartment Freehold March ,000-2, Resale JALAN ISTIMEWA Semi-Detached 999 years March 07 3,746 5,650,000-1, Resale ONE BALMORAL Condominium Freehold March ,219,000-2, Resale ONE BALMORAL Condominium Freehold March ,097,000-2, Resale ONE TREE HILL MANSIONS Apartment 99 years March 07 1,615 1,440, Unknown Resale POLLEN & BLEU Condominium 99 years March ,737,400-1, Resale POLLEN & BLEU Condominium 99 years March ,774,800-2, Resale THE FERNHILL Apartment Freehold March 13 1,604 2,580,000-1, Resale THE LEGEND Condominium Freehold March 07 1,496 1,780,000-1, Resale THE SIERRA Apartment 947 years March ,000-1, Resale THE TESSARINA Condominium Freehold March ,380,000-1, Resale THE TRESOR Condominium 999 years March 09 1,485 2,260,000-1, Resale THE TRIZON Condominium Freehold March 13 2,174 3,360,000-1, Resale VICTORIA PARK VILLAS Semi-Detached 99 years March 09 2,217 4,463,000-2,016 Uncompleted New Sale WOOLLERTON PARK Apartment Freehold March 13 2,357 3,600,000-1,527 Unknown Resale District 11 CHANCERY CORNER Apartment Freehold March 09 1, , Resale SUFFOLK Apartment Freehold March 10 1,184 1,600,000-1, Resale District 12

13 THEEDGE SINGAPORE MARCH 27, 2017 EP13 DONE DEALS Residential transactions with contracts dated March 7 to 14 LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE BEACON HEIGHTS Condominium 999 years March ,000-1, Resale EIGHT RIVERSUITES Condominium 99 years March ,050,000-1, Sub Sale EIGHT RIVERSUITES Terrace 99 years March 10 3,003 2,150, New Sale GEM RESIDENCES Condominium 99 years March ,146,000-1,479 Uncompleted New Sale GEM RESIDENCES Condominium 99 years March ,081,000-1,594 Uncompleted New Sale GEM RESIDENCES Condominium 99 years March 11 1,313 1,785,000-1,359 Uncompleted New Sale GEM RESIDENCES Condominium 99 years March ,000-1,561 Uncompleted New Sale GEM RESIDENCES Condominium 99 years March 12 1,249 1,842,000-1,475 Uncompleted New Sale KINGSLEY MANSIONS Apartment Freehold March 07 1,356 1,350, Resale REGENT RESIDENCES Apartment Freehold March ,000-1, Resale THE MEZZO Apartment Freehold March ,000-1, Resale TRELLIS TOWERS Condominium Freehold March ,010,000-1, Resale District 13 Condominium 99 years March ,225,000-1, Resale CLYDESWOOD Apartment Freehold March 08 1,152 1,005, Resale THE POIZ RESIDENCES Apartment 99 years March ,000-1,532 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years March ,000-1,546 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years March ,000-1,532 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years March ,000-1,553 Uncompleted New Sale THE POIZ RESIDENCES Apartment 99 years March ,000-1,466 Uncompleted New Sale THE POIZ RESIDENCES* Apartment 99 years March 12 1,249 1,271,000-1,018 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years March 07 1,152 1,581,000-1,373 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years March 08 1,152 1,581,750-1,373 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years March 09 1,238 1,777,965-1,436 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years March 11 1,270 1,585,000-1,248 Uncompleted New Sale THE VENUE RESIDENCES Apartment 99 years March 12 1,130 1,588,207-1,405 Uncompleted New Sale District 14 LEVENUE Apartment Freehold March ,000-1, Resale JALAN LANA Semi-Detached Freehold March 08 2,842 2,700, Unknown Resale PALMERA EAST Apartment Freehold March ,000-1, Resale RESIDENCES 88 Apartment Freehold March ,000-1, Resale SIMS URBAN OASIS Condominium 99 years March ,239,700-1,294 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years March 12 1,033 1,366,700-1,323 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years March 12 1,033 1,370,000-1,326 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years March ,750-1,426 Uncompleted New Sale SIMS URBAN OASIS Condominium 99 years March ,365,000-1,378 Uncompleted New Sale SIMS URBAN OASIS* Condominium 99 years March ,000-1,394 Uncompleted New Sale TRE RESIDENCES Condominium 99 years March ,246,000-1,465 Uncompleted New Sale TRE RESIDENCES Condominium 99 years March ,034,000-1,478 Uncompleted New Sale District 15 COSTA RHU Condominium 99 years March 14 1,776 2,120,000-1, Resale COTE D AZUR Condominium 99 years March 08 1,270 1,565,000-1, Resale COTE D AZUR Condominium 99 years March 10 1,539 1,738,800-1, Resale EMERALD EAST Apartment Freehold March ,180,000-1, Resale FRANKEL ESTATE Semi-Detached Freehold March 13 3,864 4,650,000-1, Resale FULCRUM Condominium Freehold March ,410,750-1, Resale FULCRUM Condominium Freehold March ,000-2, Resale LAGUNA PARK Apartment 99 years March 09 1,615 1,428, Resale LAGUNA PARK Apartment 99 years March 10 1,615 1,300, Resale LAVERNE S LOFT Apartment Freehold March ,000-1, Resale EVERITT ROAD NORTH Terrace Freehold March 10 2,852 2,750, Unknown Resale OPERA ESTATE Detached Freehold March 13 5,996 6,400,000-1,067 Unknown Resale OPERA ESTATE Terrace Freehold March 14 1,604 3,150,000-1,969 Unknown Resale PEACH GARDEN Apartment Freehold March 07 2,766 3,110,000-1, Resale TEMBELING COURT Apartment Freehold March 09 1,324 1,420,000-1, Resale THE ESTA Condominium Freehold March 10 3,068 4,000,000-1, Resale THE SERENNO Apartment Freehold March ,000-1, Resale THE SILVER FIR Apartment Freehold March 13 1,044 1,100,000-1, Resale VILLA MARINA Condominium 99 years March 14 1,755 1,430, Resale WATER PLACE Condominium 99 years March 13 1,216 1,550,000-1, Resale District 16 BAYSHORE PARK Condominium 99 years March 07 2,239 1,900, Resale BAYSHORE PARK Condominium 99 years March , Resale BAYSHORE PARK Condominium 99 years March 10 1, , Resale CASA MERAH Apartment 99 years March 10 1,259 1,300,000-1, Resale COSTA DEL SOL Condominium 99 years March 10 1,475 1,450, Resale EASTWOOD GREEN Condominium 99 years March 09 1, , Resale ECO Condominium 99 years March 08 1,023 1,200,000-1, Sub Sale GRANDEUR PARK RESIDENCES Condominium 99 years March ,000-1,560 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March ,000-1,422 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March ,204,000-1,364 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March ,000-1,413 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March ,143,000-1,279 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March ,000-1,510 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March ,000-1,008 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March ,000-1,424 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March ,222,000-1,368 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March 12 1,453 1,902,000-1,309 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March ,000-1,385 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March ,173,000-1,313 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March ,106,000-1,223 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March ,098,000-1,214 Uncompleted New Sale GRANDEUR PARK RESIDENCES Condominium 99 years March ,000-1,109 Uncompleted New Sale GRANDEUR PARK RESIDENCES* Condominium 99 years March ,000-1,108 Uncompleted New Sale KEW PLACE Semi-Detached Freehold March 14 3,993 3,500, Resale KEW VALE Terrace 99 years March 13 1,711 1,700, Resale LUCKY HILL Terrace 999 years March 08 1,679 2,150,000-1,281 Unknown Resale THE GLADES Condominium 99 years March ,000-1, New Sale District 17 HEDGES PARK CONDOMINIUM Condominium 99 years March ,000-1, Resale JLB RESIDENCES Apartment 946 years March , Resale THE GALE Condominium Freehold March , Resale District 18 COCO PALMS Condominium 99 years March 10 2,067 2,041, Uncompleted New Sale DOUBLE BAY RESIDENCES Condominium 99 years March ,010,000-1, Resale ELIAS GREEN Condominium 99 years March 10 1, , Resale ELIAS GREEN Condominium 99 years March 13 1, , Resale MELVILLE PARK Condominium 99 years March 07 1, , Resale NV RESIDENCES Condominium 99 years March , Resale Q BAY RESIDENCES Condominium 99 years March 10 1,119 1,208,000-1, Resale RIPPLE BAY Condominium 99 years March 09 1, , Resale RIPPLE BAY Condominium 99 years March , Resale THE ALPS RESIDENCES Condominium 99 years March ,000-1,002 Uncompleted New Sale THE ALPS RESIDENCES Condominium 99 years March ,000-1,061 Uncompleted New Sale THE PALETTE Condominium 99 years March ,000-1, Resale THE SANTORINI Condominium 99 years March ,000-1,084 Uncompleted New Sale THE SANTORINI Condominium 99 years March , Uncompleted New Sale THE SANTORINI Condominium 99 years March , Uncompleted New Sale THE SANTORINI Condominium 99 years March 10 1,184 1,211,000-1,023 Uncompleted New Sale THE SANTORINI Condominium 99 years March ,000-1,074 Uncompleted New Sale THE SANTORINI Condominium 99 years March ,000-1,027 Uncompleted New Sale THE SANTORINI Condominium 99 years March 11 1,130 1,154,000-1,021 Uncompleted New Sale THE SANTORINI Condominium 99 years March 11 1,130 1,133,550-1,003 Uncompleted New Sale TROPICAL SPRING Condominium 99 years March 14 1,356 1,065, Resale VUE 8 RESIDENCE Condominium 99 years March 07 1,313 1,271, Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years March 08 2,153 1,830, Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years March 10 1,346 1,270, Uncompleted New Sale VUE 8 RESIDENCE Condominium 99 years March 11 1,701 1,450, Uncompleted New Sale District 19 A TREASURE TROVE Condominium 99 years March 07 1,044 1,070,000-1, Resale AMARANDA GARDENS Condominium Freehold March 14 1,163 1,620,888-1, Resale CASA CAMBIO Condominium Freehold March ,030,000-1, Resale CHERRY GARDENS Apartment 99 years March 10 2,110 1,300, Resale COMPASS HEIGHTS Apartment 99 years March ,000-1, Resale FOREST WOODS Condominium 99 years March ,245,000-1,361 Uncompleted New Sale FOREST WOODS Condominium 99 years March ,056,000-1,443 Uncompleted New Sale FOREST WOODS Condominium 99 years March ,252,000-1,368 Uncompleted New Sale KENSINGTON PARK Condominium 999 years March 09 1,249 1,360,000-1, Resale JALAN ARIF Terrace 999 years March 09 2,002 2,200,000-1, Resale THRIFT DRIVE Detached Freehold March 10 4,650 3,500, Unknown Resale OASIS GARDEN Condominium Freehold March 07 1,238 1,300,000-1, Resale ONE SURIN Terrace Freehold March 12 5,038 2,720, New Sale ONE SURIN Terrace Freehold March 12 4,004 2,600, New Sale PARC CENTROS Condominium 99 years March 07 1,313 1,450,000-1, Sub Sale PARK GREEN EC 99 years March 08 1, , Resale PARK GREEN EC 99 years March 14 1, , Resale PARRY GREEN Terrace 99 years March 08 1,615 1,580, Resale REGENTVILLE Apartment 99 years March 09 1, , Resale RIVERVALE CREST Apartment 99 years March 13 1, , Resale STARS OF KOVAN Apartment 99 years March ,022,860-1,377 Uncompleted New Sale STARS OF KOVAN Apartment 99 years March ,065,000-1,434 Uncompleted New Sale STARS OF KOVAN Apartment 99 years March ,137,240-1,554 Uncompleted New Sale STARS OF KOVAN Apartment 99 years March ,022,860-1,377 Uncompleted New Sale PAYA LEBAR Apartment Freehold March ,000-1, Resale SUNGLADE Condominium 99 years March 08 1,518 1,350, Resale THE FLORIDA EC 99 years March 13 1, , Resale LAND AREA/ NETT UNIT SALE DATE FLOOR AREA TRANSACTED PRICE PRICE COMPLETION TYPE OF PROJECT PROPERTY TYPE TENURE (2017) (SQ FT) PRICE ($) ($) ($ PSF) DATE SALE THE MINTON Condominium 99 years March ,000-1, Resale THE VALES EC 99 years March , Uncompleted New Sale THE VALES EC 99 years March 08 1,679 1,316, Uncompleted New Sale THE VALES EC 99 years March , Uncompleted New Sale THE VALES EC 99 years March , Uncompleted New Sale THE VALES EC 99 years March , Uncompleted New Sale THE VALES EC 99 years March , Uncompleted New Sale THE VALES EC 99 years March , Uncompleted New Sale THE VALES EC 99 years March 12 1,668 1,388, Uncompleted New Sale District 20 GOLDENHILL PARK Condominium Freehold March 14 1,335 1,800,000-1, Resale KINGSGROVE Condominium Freehold March 09 1,528 1,280, Resale JALAN REBANA Semi-Detached Freehold March 07 3,079 3,170,000-1,030 Unknown Resale SEMBAWANG HILLS ESTATE Terrace Freehold March 07 2,034 1,900, Unknown Resale SKY HABITAT Condominium 99 years March 13 1,518 2,296,000-1, Resale SKY HABITAT Condominium 99 years March 13 1,798 2,598,600-1, Resale SKY VUE Condominium 99 years March ,148,300-1, Resale SKY VUE Condominium 99 years March ,184,300-1, Resale THOMSON GRAND Condominium 99 years March ,200,000-1, Sub Sale THOMSON IMPRESSIONS Apartment 99 years March 10 1,055 1,392,700-1,320 Uncompleted New Sale THOMSON IMPRESSIONS Apartment 99 years March ,200-1,696 Uncompleted New Sale THOMSON VIEW Condominium 99 years March 07 2,024 1,530, Resale District 21 CLEMENTI GARDENS Terrace Freehold March 13 3,369 4,760,000-1, Resale FLORIDIAN Condominium Freehold March ,550,000-1, Resale SHERWOOD TOWER Apartment 99 years March 13 1,518 1,020, Resale THE BUKIT Condominium Freehold March ,540,000-1,644 Uncompleted New Sale THE BUKIT Condominium Freehold March ,579,000-1,686 Uncompleted New Sale District 22 CASPIAN Condominium 99 years March 09 1,604 1,625,000-1, Resale LAKE GRANDE Condominium 99 years March ,149,000-1,271 Uncompleted New Sale LAKE GRANDE Condominium 99 years March ,229,000-1,328 Uncompleted New Sale LAKE GRANDE Condominium 99 years March ,176,000-1,301 Uncompleted New Sale LAKE GRANDE Condominium 99 years March ,180,000-1,305 Uncompleted New Sale SUMMERDALE EC 99 years March 07 1, , Resale THE FLORAVALE EC 99 years March 08 1, , Resale THE LAKEFRONT RESIDENCES Condominium 99 years March 08 1,399 1,740,000-1, Resale WESTWOOD RESIDENCES EC 99 years March 08 1, , Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years March 08 1, , Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years March 08 1, , Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years March , Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years March 11 1, , Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years March 11 1, , Uncompleted New Sale WESTWOOD RESIDENCES EC 99 years March 12 1, , Uncompleted New Sale District 23 ESPA Condominium 999 years March 13 1,206 1,250,000-1, Resale HILLION RESIDENCES Apartment 99 years March ,640-1,375 Uncompleted New Sale HILLION RESIDENCES Apartment 99 years March ,040-1,383 Uncompleted New Sale HILLION RESIDENCES Apartment 99 years March ,520-1,371 Uncompleted New Sale HILLION RESIDENCES Apartment 99 years March ,850-1,370 Uncompleted New Sale HILLION RESIDENCES* Apartment 99 years March ,240-1,435 Uncompleted New Sale HILLVIEW GARDEN ESTATE Apartment 998 years March 07 1, , Unknown Resale HILLVIEW REGENCY Condominium 99 years March 07 1, , Resale INZ RESIDENCE EC 99 years March 12 1, , Uncompleted New Sale INZ RESIDENCE EC 99 years March 12 1, , Uncompleted New Sale INZ RESIDENCE EC 99 years March 12 1, , Uncompleted New Sale INZ RESIDENCE EC 99 years March 12 1, , Uncompleted New Sale INZ RESIDENCE* EC 99 years March 12 1,690 1,229, Uncompleted New Sale MI CASA Condominium 99 years March 07 1, , Resale MI CASA Condominium 99 years March 08 1,313 1,100, Resale MONTROSA Condominium 999 years March 13 1,195 1,030, Resale PALM GARDENS Condominium 99 years March 13 1, , Resale SOL ACRES EC 99 years March 12 1, , Uncompleted New Sale SOL ACRES EC 99 years March 12 1, , Uncompleted New Sale SOL ACRES EC 99 years March , Uncompleted New Sale SOL ACRES EC 99 years March 12 1, , Uncompleted New Sale SOL ACRES EC 99 years March , Uncompleted New Sale SOL ACRES EC 99 years March , Uncompleted New Sale SOL ACRES* EC 99 years March , Uncompleted New Sale THE HILLIER Apartment 99 years March ,000-1, Sub Sale THE JADE Condominium 99 years March 10 1,615 1,560, Resale WANDERVALE EC 99 years March 07 1, , Uncompleted New Sale YEW MEI GREEN EC 99 years March 08 1, , Resale District 25 BELLEWOODS EC 99 years March 12 1, , Uncompleted New Sale BELLEWOODS EC 99 years March 12 1, , Uncompleted New Sale NORTHWAVE EC 99 years March , Uncompleted New Sale NORTHWAVE EC 99 years March 09 1, , Uncompleted New Sale NORTHWAVE EC 99 years March , Uncompleted New Sale NORTHWAVE EC 99 years March , Uncompleted New Sale PARC ROSEWOOD Condominium 99 years March ,000-1, Resale PARC ROSEWOOD Condominium 99 years March ,000-1, Resale District 26 FOREST HILLS Condominium 99 years March 08 1, , Resale PEIRCE Condominium Freehold March 10 1,518 1,800,000-1, Resale THE CALROSE Condominium Freehold March 14 2,024 1,650, Resale District 27 CANBERRA RESIDENCES Condominium 99 years March , Resale EUPHONY GARDENS Condominium 99 years March , Resale NORTH PARK RESIDENCES Apartment 99 years March ,280-1,142 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years March 07 1,098 1,343,900-1,224 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years March ,120-1,134 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years March ,096,200-1,323 Uncompleted New Sale NORTH PARK RESIDENCES Apartment 99 years March ,680-1,334 Uncompleted New Sale ORCHID PARK Condominium 99 years March , Resale PARC LIFE EC 99 years March 10 1, , , Uncompleted New Sale PARC LIFE EC 99 years March , , Uncompleted New Sale PARC LIFE EC 99 years March 11 1, , , Uncompleted New Sale PARC LIFE EC 99 years March 11 1, , , Uncompleted New Sale PARC LIFE EC 99 years March 11 1, , Uncompleted New Sale PARC LIFE EC 99 years March 11 1, , , Uncompleted New Sale PARC LIFE EC 99 years March 11 1, , , Uncompleted New Sale PARC LIFE EC 99 years March , , Uncompleted New Sale PARC LIFE EC 99 years March 12 1, , Uncompleted New Sale PARC LIFE EC 99 years March 12 1, , Uncompleted New Sale SEMBAWANG SPRINGS ESTATE Semi-Detached 999 years March 07 2,734 2,580, Resale SIGNATURE AT YISHUN EC 99 years March 09 1, , Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years March 11 1, , Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years March 11 1, , Uncompleted New Sale SIGNATURE AT YISHUN EC 99 years March , Uncompleted New Sale SKIES MILTONIA Condominium 99 years March ,000-1, Resale SYMPHONY SUITES Condominium 99 years March ,000-1,067 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years March ,000-1,086 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years March 09 1,023 1,096,000-1,072 Uncompleted New Sale SYMPHONY SUITES Condominium 99 years March ,000-1,069 Uncompleted New Sale THE BROWNSTONE EC 99 years March , Uncompleted New Sale THE BROWNSTONE EC 99 years March , Uncompleted New Sale THE CRITERION EC 99 years March 07 1, , Uncompleted New Sale THE CRITERION EC 99 years March 08 1, , Uncompleted New Sale THE CRITERION EC 99 years March 09 1, , Uncompleted New Sale THE CRITERION EC 99 years March 10 1, , Uncompleted New Sale THE CRITERION EC 99 years March 12 1,249 1,016, Uncompleted New Sale THE CRITERION EC 99 years March 12 1,378 1,142, Uncompleted New Sale THE CRITERION EC 99 years March 12 1, , Uncompleted New Sale THE VISIONAIRE EC 99 years March , Uncompleted New Sale THE VISIONAIRE EC 99 years March , Uncompleted New Sale THE VISIONAIRE EC 99 years March 10 1,346 1,093, Uncompleted New Sale THE VISIONAIRE EC 99 years March 12 1, , Uncompleted New Sale THE VISIONAIRE EC 99 years March 12 1, , Uncompleted New Sale THE WISTERIA Apartment 99 years March ,412-1,017 Uncompleted New Sale THE WISTERIA Apartment 99 years March ,000-1,073 Uncompleted New Sale THE WISTERIA Apartment 99 years March , Uncompleted New Sale THE WISTERIA Apartment 99 years March , Uncompleted New Sale THE WISTERIA Apartment 99 years March ,000-1,022 Uncompleted New Sale District 28 GRANDE VISTA Condominium 999 years March 07 2,702 2,080, Resale HIGH PARK RESIDENCES Apartment 99 years March ,008,112-1,018 Uncompleted New Sale RIVERTREES RESIDENCES Apartment 99 years March ,140-1,046 Uncompleted New Sale SARACA GARDENS Semi-Detached Freehold March 07 4,004 3,370, Resale SUNRISE VILLA Terrace Freehold March 07 2,121 2,000, Resale DISCLAIMER: Source: URA Realis. Updated March 21, The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein. EC stands for executive condominium * Not all the caveats are reflected in the table owing to the sheer number of transactions for the projects

14 EP14 THEEDGE SINGAPORE MARCH 27, 2017 GAINS AND LOSSES Profit of $2.5 mil at Astrid Meadows BY LIN ZHIQIN On March 9, a 2,583 sq ft unit at Astrid Meadows in prime District 10 was sold at a $2.5 million profit. The seller bought the unit at $1.8 million, or $706 psf, in October 1998 and sold it at $4.3 million, or $1,657 psf. The profit works out to 135%, or 5% a year, over a holding period of 18 years. There were four rental contracts for units ranging from 2,500 to 2,600 sq ft at Astrid Meadows in 2H2016, with monthly rents averaging $9,550. This implies a 3% gross rental yield for the recently transacted unit. Based on the matching of URA caveat data, four units at Astrid Meadows were sold at profits ranging from $498,000 to $1.6 million last year, while one unit was sold at a $135,000 loss. The seller who incurred the loss bought the unit at $3.4 million, or $1,653 psf, in February 2011 and sold it at $3.2 million, or $1,587 psf, in September Astrid Meadows is a freehold condominium with 208 units. It was completed in A 2,766 sq ft unit at Peach Garden in District 15 fetched the secondbiggest profit of $1.7 million, for private non-landed houses sold in the week of March 7 to 14. The seller bought the unit at $1.4 million, or $506 psf, in 1995 and sold it at $3.1 million, or $1,124 psf, on March 7. The profit works out to 122%, or 4% a year, over a holding period of 22 years. There were three rental contracts for units ranging from 2,700 to 2,800 sq ft at Peach Garden in 2H2016, with monthly rents averaging $5,433. This implies a 2% gross rental yield for the recently transacted unit. Based on the matching of URA caveat data, there have been 17 profitable transactions and no unprofit able transaction at Peach Garden since There have been 119 profitable transactions at Costa Rhu since Find the most affordable listing in the project at bit.ly/costarhuedge. SAMUEL ISAAC CHUA/THE EDGE SINGAPORE Four units at Astrid Meadows were sold at profits ranging from $498,000 to $1.6 million last year. Find the most affordable listing in the project at bit.ly/astridmeadowsedge The freehold Peach Garden was completed in It is located within walking distance of the upcoming Tanjong Katong MRT station and comprises 72 apartment units. At Costa Rhu, also located in District 15, a 1,776 sq ft unit fetched the third-biggest profit, of $1.3 million, for the week. The seller bought the unit at $838,000, or $472 psf, in November 2005 and sold it at $2.1 million, or $1,194 psf, on March 14. The profit works out to 153%, or 9% a year, over a holding period of 11 years. There were 12 rental contracts for units ranging from 1,700 to 1,800 sq ft at Costa Rhu in 2H20116, with monthly rents averaging $5,175. This implies a 3% gross rental yield for the recently transacted unit. Based on the matching of URA caveat data, there have been 119 profitable transactions and two unprofitable transactions at Costa Rhu since The unprofitable transactions were for two units that were bought at $1,166 and $1,274 psf in 2011 and sold at the same price in March 2016 and February this year. Costa Rhu is a 99-year leasehold condo with 737 units. It was completed in Separately, the seller of a 1,604 sq ft unit at The Fernhill in prime District 10 incurred a $1.05 million loss on March 13. The seller bought the unit at $3.6 million, or $2,265 psf, in June 2007 and sold it at $2.6 million, or $1,609 psf. The loss works out to 29%, or 3% a year, over a holding period of 10 years. Based on the matching of URA caveat data, the same unit was flipped for a $1.4 million profit in June The previous seller bought the unit from the developer at $2.3 million, or $1,410 psf, in January and sold it in a sub-sale for $3.6 million, or $2,265 psf, in June. There was one rental contract for units ranging from 1,600 to 1,700 sq ft at The Fernhill in 2H2016, with a monthly rent of $5,000. Completed in 2009, The Fernhill is a freehold development with 25 apartment units. It is within walking distance of the upcoming Stevens MRT station. E ALBERT CHUA/THE EDGE SINGAPORE Non-landed residential transactions with contracts dated March 7 to 14 Most profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS) NON-LANDED 1 Astrid Meadows 10 2,583 March 9 1,657 Oct 26, ,455, Peach Garden 15 2,766 March 7 1,124 Jan 1, ,710, Costa Rhu 15 1,776 March 14 1,194 Nov 2, ,282, Townhouse Apartments 9 2,228 March Jan 21, ,210, City Square Residences 8 1,216 March 13 1,324 May 5, , Cote D Azur 15 1,539 March 10 1,130 May 24, , Goldenhill Park Condominium 20 1,335 March 14 1,349 Feb 14, , Grande Vista 28 2,702 March Dec 1, , Belmond Green 10 1,270 March 13 1,593 Oct 18, , Queens 3 1,184 March 8 1,208 Oct 3, , URA, THE EDGE PROPERTY Non-profitable deals PROJECT DISTRICT AREA (SQ FT) SOLD ON (2017) SALE PRICE ($ PSF) BOUGHT ON PURCHASE PRICE ($ PSF) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS) 1 The Fernhill 10 1,604 March 13 1,609 June 4, ,265 1,053, The Legend 10 1,496 March 7 1,190 Oct 17, , , Chancery Corner 11 1,421 March June 22, , Woollerton Park 10 2,357 March 13 1,527 Feb 24, , , City Square Residences 8 1,216 March 8 1,350 Jan 23, , , Cairnhill Residences 9 1,163 March 8 1,805 Oct 10, , , Laguna Park 15 1,615 March Aug 8, , Emerald Garden 1 1,259 March 8 1,540 Nov 30, , , Clementiwoods Condominium 5 1,421 March Sept 19, , , Cherry Gardens 19 2,110 March Sept 28, , Note: The profit and loss computation excludes transaction costs such as stamp duties

15 THEEDGE SINGAPORE MARCH 27, 2017 EP15 DEAL WATCH Parc Emily unit selling at $1,592 psf THE EDGE SINGAPORE BY TAN CHEE YUEN Parc Emily is a freehold condominium on Mount Emily Road in prime District 9. Completed in 2008, the 295- unit development is adjacent to Mount Emily Park and within walking distance of the Wilkie Edge mall. A 754 sq ft, one-bedroom ground floor unit was listed on TheEdge Property.com for $1.2 million ($1,592 psf). It is currently tenanted at a monthly rate of $3,000. Based on the latest asking price, the gross rental yield is 3%. The owner, believed to be a Singa porean, is looking to upsize to a bigger unit, according to Derek Teng, a property agent with OrangeTee.com who is marketing the property. Over the past three months, there were three rental contracts for 600 to 700 sq ft units at Parc Emily, which Recent transactions at Parc Emily CONTRACT DATE AREA (SQ FT) PRICE ($ MIL) PRICE ($ PSF) Feb 27, , ,498 Feb 24, ,712 July 5, ,775 April 12, ,794 March 28, ,429 were transacted at monthly rental rates of $2,900 to $3,200. Last month, two units changed hands at Parc Emily: a 549 sq ft, one-bedroom unit on the second floor was sold for $940,000 ($1,712 psf); and a 1,001 sq ft, two-bedroom unit on the sixth floor fetched $1.5 million ($1,498 psf). The property is in the city yet nicely tucked away in the charming arts and heritage area, notes Teng. Visit tinyurl.com/dealwatch-s772 for more information. E Recent rental contracts for 600 to 700 sq ft units at Parc Emily LEASE DATE MONTHLY RENT $ $ PSF January , January , December , TABLES: URA, THE EDGE PROPERTY A 754 sq ft, one-bedroom ground floor unit at Parc Emily was listed on TheEdgeProperty.com for $1.2 million ($1,592 psf) YES! Start my annual subscription now. $ (Inclusive of GST) for The Edge Collection 3-year plan and save 70% off newsstand price $ (Inclusive of GST) for The Edge Collection 1-year plan TYPE OF SUBSCRIPTION Corporate Personal Gift Last name (Mr/Ms/Dr ) First name Company Job Title Delivery Address Home Office Postal Code Tel Mobile Date Of Birth Fax PAYMENT OPTIONS 1. Credit Card. Please charge to my credit card American Express MasterCard Visa Cardholder s name Contact No Card no Expiry date Signature 2. Cheque. My cheque payable to The Edge Publishing Pte Ltd is enclosed Cheque no 3. Online. Visit subscribe.theedgesingapore.com 4. Phone. Please call (Monday to Friday 9am to 5.30pm) Mail the duly completed subscription form and cheque to: The Edge Publishing Pte Ltd 150 Cecil Street #08-01 Singapore Tel: Fax: *This special promotion ends on March 31, Subscription to The Edge Collection is non-cancellable and non-refundable. The Edge Singapore (print version): Please allow 2-3 weeks for delivery to commence. Delivery charges apply for non-singapore addresses. Dining voucher limited to first 400 customers who sign up for the $238 3-year subscription plan. Terms and conditions apply Dining voucher limited to rst 400 customers who sign up for the $238 3-year subscription plan ** You hereby authorize The Edge Publishing Pte Ltd to charge to your credit card for automatic subscription renewal as per the selected plan until you cancel your subscription. If you wish to opt out of the auto-renewal, please check this box: TES771/NOX TES770/NOX

16 EP16 THEEDGE SINGAPORE MARCH 27, 2017 EVENTS Navigating through turbulent times BY THE EDGE PROPERTY The residential property market shows signs of bottoming out, with the transaction volume of private residential property rising 16% from 14,117 units in 2015 to 16,378 units in The price decline has also slowed to a modest pace of below 1% q-o-q last year. Recently, a positive note came in the form of a recalibration in the property cooling measures. However, the market still faces mounting headwinds. The US Federal Reserve increased its benchmark rate by 0.25 percentage point on March 15, and the market expects two more Fed rate hikes this year. Meanwhile, the Ministry of Manpower highlighted in its latest labour market report that the resident unemployment rate rose to 3% in 2016, after holding steady at about 2.8% for four years. In these turbulent times, join us at The Edge Property 360 on April 8 as our panel of experts give their views on the outlook for Singapore s economy and property market. Dr Boaz Boon, former head of research at CapitaLand, founder and principal of THRED and director of Vestasia, will lead the panel discussion. E Alan Cheong, senior director, research and consultancy, Savills Singapore The recalibration of the cooling measures is actually not a surprise. We will discuss the reason for the measures being adjusted downwards and what to expect in the private residential property market. The recalibration exercise appears to have had an impact on developers sales, albeit marginally. For example, in the weekend that the revised seller s stamp duty kicked in, of nine projects surveyed, six saw an increase in sales and three, a decline. Is the Singapore residential property market really that in need of such recalibration stimulus to boost sales? Yes and no. No, because the market was already on its way to recovery since mid Yes, because we believe the existing slew of measures are so harsh that they may retard the ambitious programmes that the government is planning for the future. These range from the Kampong Bugis development plan to re-engineering the economy to a cerebrally driven one. For all these to happen, a greater admission of overseas nationals with the requisite skill sets is needed, and to house them, residential sales have to step up a notch. Tan Hong Boon, regional director, capital markets, JLL Singapore The evaluation of a potential collective sale project is more than just the location, tenure, age and density (or lack of) seen on site. It entails investigation into the planning parameters such as zoning, plot ratio and height control, as well as the financial aspects such as the expected land price, development charges, differential premiums, existing unit prices, likely prices apportioned to the respective units in a project, to see if it indeed stands a good chance to go en bloc. And that is only half the homework done. The other half is getting the lengthy process right, convincing the majority of the owners, going to the market with a reasonable expectation and finding a worthy buyer. Being procedurally and stringently regulated, the collective sale exercise may be plagued with many potential pitfalls along the way. What to look out for along the route to success becomes critical. Suan Teck Kin, senior economist, global economics and markets research, UOB Singapore s economic growth rate has been trending down after the global financial crisis in 2008, leading to concerns about whether such a lowgrowth environment would be the new normal, and how the Committee on the Future Economy would lift Singapore to the next level. In this session, we will take stock of how Singapore s economy has developed over the past five decades and consider, with the CFE, what the outlook for the country s economy is, as well as the bright spots and risks that lie ahead.

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